Application For Voluntary Revocation of a Licence to Act as an Insolvency Practitioner

Summary

This is the official BVI Financial Services Commission form used by a licensed Insolvency Practitioner to voluntarily surrender or revoke their licence. It requires the applicant to provide personal, firm and licence details, an intended revocation date, and a case-by-case account of all current and recently closed insolvency appointments.

• Applicant details: Name, firm, licence number and issue date, intended revocation date, last day at the firm and last day in the Territory.
• Reason and contact: Reason for the voluntary revocation and contact details (phone, email, address) valid for the following six months.
• Case status report: Status of all insolvency appointments/cases including significant dates, transfers, stage of case (e.g. distribution, investigation), and copies of related notices (e.g. Notice of Vacation of Office, Notice of Release of Liquidator).
• New appointments: Details of any new appointments opened during the current year, broken down by region (BVI, Caribbean, EU, North America, Far East, rest of world) with case counts.
• Records address: Address in the Virgin Islands where appointment records will be kept, in accordance with Insolvency Regulation 6.
• Compliance history: List of Compliance Inspections conducted by the BVI FSC within the past three years, plus any other pertinent information.
• Certification and licence return: Applicant must sign and certify the information is complete and true, and must return the original licence to the Commission with the application.

The form notes that the application must be submitted within 10 days of the practitioner becoming aware of their intention to revoke, in accordance with sections 8(1), (2) and (3) of the Insolvency Regulations, 2004 (Notification of Changes), once regulatory requirements have been met.

Key obligations

• Applicant must submit the voluntary revocation application within 10 days of becoming aware of the intention to revoke the licence, per Insolvency Regulations 2004 sections 8(1),(2) and (3).
• Applicant must provide a full status report on all current and recently closed insolvency appointments/cases, including relevant dates, transfers and stage of each case.
• Applicant must disclose any new insolvency appointments opened during the current year, broken down by region.
• Applicant must provide an address in the Virgin Islands where appointment records will be maintained in accordance with Insolvency Regulation 6.
• Applicant must list all Compliance Inspections conducted by the BVI Financial Services Commission within the past three years.
• Applicant must return the original licence to the BVI Financial Services Commission together with the completed application.
• Applicant must certify that the information provided is complete and true.

Applies to

Insolvency Practitioners

Deadlines

• within 10 days of becoming aware of the intention to apply to revoke a licence: Deadline for submitting the voluntary revocation application, per sections 8(1),(2) and (3) of the Insolvency Regulations, 2004